Another hindrance to Antigua and Online Gambling
Antigua and Barbuda may now have even more problems when it comes to online gambling, the long running feud between them and the US government about what they think that was illegal activity by the US government.
The problem arose as the director of the Financial Services Regulatory Commission has been suspended due his relationship with a financial tycoon Allen Stanford.
Stanford who was recently exposed for his shady practices, got the director suspended from his job indefinitely. The battle had already been won by Antigua and Barbuda through the World Trade Organization, but the attempts to receive money that is owed to them have been snubbed.
Antigua has already won a battle with the US through the World Trade Organization. They have been attempting to receive the back money owed to them from the US, but the attempts have fallen short.
Barney Corral stated, “The news of Leroy King's involvement in illegal activity could hurt the reputation of the Antigua online gaming industry and if that reputation is destroyed, online operators would no longer consider Antigua as a place to open their businesses.”
One of the first offshore companies to licensed online gambling operators was Antigua, but when the US first mentioned the UIGEA (Unlawful Internet Gambling Enforcement Act), Antigua lost a lot in revenue. When the US government signed the act, the online gambling industry in the US was killed overnight, thus reducing their revenue by millions.
Now the Antiguan government is set to lose more as Stanford’s assets are being seized, and it includes an offshore bank which is owned and run by Stanford himself.